The record closing highs on Thursday, Sept. 20, for the Dow, the index's first since January, and the S&P 500 came amid improved global risk sentiment and a lull in the U.S.-China trade war. The highs were achieved ahead of next week's Federal Reserve meeting where central bankers are expected to hike interest rates for the third time in 2018.

The economic calendar in the U.S. on Friday includes the PMI Composite FLASH for September at 9:45 a.m. ET.

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2. -- Micron Issues a Disappointing Forecast

Micron Technology Inc. (MU) slumped 3.4% in premarket trading on Friday after the memory chipmaker issued a lower-than-expected forecast for the fiscal first quarter.

On its earnings call Thursday, Micron guided for first-quarter revenue of $7.9 billion to $8.3 billion and earnings of $2.88 to $3.02 a share, below consensus estimates that called for revenue of $8.45 billion billion and profit of $3.08.

Micron indicated that personal computer CPU shortages at Intel Corp. (INTC) would impact its DRAM sales in the November-ending quarter, and that a few customers were carrying out a "limited inventory adjustment." The company also noted that Trump administration plans to impose a 10% tariff on $200 billion worth of Chinese imports (which go into effect on Sept. 24) would dent gross margins slightly.

Counterpoint Research estimated that Apple will ship around 190 million units of three new iPhones between September 2018 and September 2019. The analysts expect the XR model to account for around 50% of the sales, the XS about a third and the XS Max the rest, CNBC reported.

4. -- Adobe Buys Marketo for $4.75 Billion

"The acquisition of Marketo widens Adobe's lead in customer experience across B2C and B2B and puts Adobe Experience Cloud at the heart of all marketing," said Adobe's Brad Rencher, an executive vice president who heads the company's Experience Cloud operations.

Reuters reported last week that Adobe was in negotiations to buy Marketo, which was taken private by Vista Equity two years ago for $1.8 billion.

The deal is expected to close by the end of the current fiscal quarter.

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5. -- Tesla Parts Ways With Another Key Executive

Tesla Inc. (TSLA) has lost another key executive, according to a report from Bloomberg.

Liam O'Connor, vice president of global supply management, has resigned from the electric vehicle maker, people familiar with the matter told Bloomberg.

O'Connor joined Tesla in March 2015 from Apple. He is at least the fifth senior executive to be leaving the company within the span of a few weeks, according to Bloomberg.

The executive departures come during a tumultuous period for Tesla and CEO Elon Musk.

The latest is a fraud investigation from the
Department of Justice over Musk's "funding secured" tweet made in early August.

Tesla declined 1% in premarket trading.

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